Hypothecated Assets Can’t Be claimed through retrospective journal entries to Evade Insolvency proceedings

Saturn Ventures & Advisors Pvt. Ltd. Vs S. Gopalakrishnan & Anr. (NCLAT Delhi) National Company Law Appellate Tribunal (NCLAT), Delhi, ruled on two appeals concerning the ownership of machinery in the corporate insolvency resolution process (CIRP) of Saturn Rings and Forgings Pvt. Ltd. The case involved appeals by Saturn Ventures & Advisors Pvt. Ltd. and suspended director Satish Gopinath against the rejection of their intervention application and approval of a resolution plan. The primary contention was whether a Wagner 630 machine was part of the corporate debtor’s (CD) assets ...